November 7, 2018

Frontier posts $426 million loss

PHOTO | Matt Pilon
PHOTO | Matt Pilon
Frontier Communications' facility in Hartford.

Frontier Communications Corp., a communications provider with its state operations center in New Haven, reported a loss of $426 million in the third quarter on Tuesday, compared to a $72 million loss for the same period a year ago. The Norwalk-based company blamed the red ink on reduced estimated value of its assets and the impact of state taxes.

Frontier's revenues dropped $36 million or 1.6 percent in 3Q 2018 from the preceding quarter to $2.1 billion, down nearly 6 percent from a year ago. Total commercial customers dropped by 8,000 to 422,000 in 3Q 2018 from 430,000 in the second quarter.

"We anticipate that our transformation program will begin to yield benefits over the course of 2019," said CEO Dan McCarthy. "We are currently engaged in a broad range of initiatives that target improvements in customer experience, churn and operational efficiency."

As of earlier this year, Frontier had more than 2,500 employees in Connecticut, along with 580,000 voice customers and 300,000 broadband customers, according to a company statement. Frontier took over AT&T's operations in Connecticut in 2014.

Free E-Newsletter

Sign up now for our New Haven Biz
e-newsletter! Click Here

 
Subscribe to print for free

Premier issue coming in October. Click here to subscribe

ADVERTISEMENTS
Copyright 2018 New England Business Media
-->